Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga Smid Cap Growth Composite returned -6.36% net of fees in the third quarter, compared to the Russell 2500 Growth Index’s -6.84% return. Stock selection in the Industrials, Health Care, and Basic Materials sectors was positive but offset by a lack of exposure to the Energy sector and negative selection in Technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga SMid Cap Composite highlighted stocks like Repligen Corporation (NASDAQ:RGEN) in the third quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Repligen Corporation (NASDAQ:RGEN) develops and distributes bioprocessing technologies and systems. On November 14, 2023, Repligen Corporation (NASDAQ:RGEN) stock closed at $153.79 per share. One-month return of Repligen Corporation (NASDAQ:RGEN) was 7.92%, and its shares lost 19.47% of their value over the last 52 weeks. Repligen Corporation (NASDAQ:RGEN) has a market capitalization of $8.586 billion.
Conestoga SMid Cap Composite made the following comment about Repligen Corporation (NASDAQ:RGEN) in its Q3 2023 investor letter:
“Repligen Corporation (NASDAQ:RGEN): RGEN is a provider of tools used by biotechnology companies. The company reported quarterly financial results below expectations, but the stock rallied over the quarter. A shortfall in Filtration product sales due to inventory overhang and longer purchase-approval timeframes were the main causes of the weaker results. Management also reduced revenue guidance for 2023 by approximately 12% and adjusted EPS by $0.60. The bioprocessing industry continues to be negatively impacted by inventory destocking and elongated sales cycles. Despite this, we believe the longer-term prospects remain bright.”
A technician in a lab inspecting an ELISA test kit for use in biopharmaceutical diagnostics.
Repligen Corporation (NASDAQ:RGEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Repligen Corporation (NASDAQ:RGEN) at the end of second quarter which was 27 in the previous quarter.
We discussed Repligen Corporation (NASDAQ:RGEN) in another article and shared Alger Small Cap Focus Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
